By Andrea Heisinger
New York, April 6 - Public Storage priced $140 million, or 5.6 million, 6.875% depository shares of perpetual cumulative preferred stock on Tuesday at par of $25, an informed source said.
The preferreds (Baa1/BBB/) are non-callable until April 15, 2015. There is an over-allotment option for 840,000 additional preferred shares priced at $25 each.
Bank of America Merrill Lynch and Wells Fargo Securities ran the books.
Co-managers were Oppenheimer & Co., Raymond James & Associates and RBC Capital Markets Corp.
Proceeds will be used for general corporate purposes, including redeeming certain preferreds and making investments in self-storage facilities and entities that own them.
The real estate investment trust of self-storage units is based in Glendale, Calif.
| Issuer: | Public Storage
|
| Issue: | Cumulative preferred stock
|
| Amount: | $140 million (5.6 million shares)
|
| Greenshoe: | 840,000 shares at $25 each
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch, Wells Fargo Securities
|
| Co-managers: | Oppenheimer & Co., Raymond James & Associates, RBC Capital Markets Corp.
|
| Dividend: | 6.875%
|
| Price: | Par of $25 per share
|
| Call: | On or after April 15, 2015
|
| Trade date: | April 6
|
| Settlement date: | April 13
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
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